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Bourinot's Rules of Order is a Canadian parliamentary authority originally published in 1894 by (the younger) Sir John George Bourinot, Clerk of the House of Commons of Canada under the title A Canadian Manual on the Procedure at Meetings of Shareholders and Directors of Companies, Conventions, Societies, and Public Assemblies generally.
The form and structure of this document varies depending on the state in which the corporation is organized. For a corporate action, if allowed by state law and by the bylaws of the corporation, the board of directors may use a written document to waive formal notice of a meeting and unanimously consent to a resolution.
In business or commercial law in certain common law jurisdictions, an ordinary resolution is a resolution passed by the shareholders of a company by a simple or bare majority (for example more than 50% of the vote) either at a convened meeting of shareholders or by circulating a resolution for signature.
A Special Resolution can be tabled at a Director's Meeting. The Ordinary Resolution requires the endorsement by a majority vote, sometimes easily met by partners' vote. The Special Resolution requires a 60, 70 or 80% of the vote as stipulated by the constitution of the company. Shareholders other than partners may vote.
The theory is that the board has a better knowledge of the situation, and the resolution is in effect their ideal solution, but it may not be in the interests of individual shareholders. Usually, the chairman of the EGM reads out and recommends the resolution to those present for approval, takes questions about the resolution from those present ...
The new year is around the corner, and I know what’s on your mind: New Year’s resolutions. Truthfully, I don’t know anyone who loves a resolution because inevitably, they end up falling off ...
Resolutions are often preceded by "Whereas..." clauses that express reasons or justifications for the ensuing resolution. In law, a resolution is a motion, often in writing [note 1], which has been adopted by a deliberative body (such as a corporations' board and or the house of a legislature). An alternate term for a resolution is a resolve.
With respect to public companies in the United States, a shareholder resolution is a proposal submitted by shareholders for a vote at the company's annual meeting. Typically, resolutions are opposed by the corporation's management, hence the insistence for a vote. "Voting has long been recognized as one of the primary rights of shareholders."
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